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Powerball Annuity Jackpot Analysis for Iowa

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The Powerball annuity jackpot is awarded according to an increasing rate schedule, which increases the amount of the annuity payment every year.  The table below shows the payout schedule for a jackpot of $70,000,000 would be for a resident of Iowa, including taxes withheld.

Please note, the amounts shown are very close approximations to the amount a jackpot annuity winner would receive from the lottery every year.  They are not intended to specify the final tax burden, which may vary depending on how the winner chooses to invest or dispense their prize money.  (For example, if the winner gave all their fortune to charity, they may actually end up getting money back that was initially withheld, whereas someone who buys a new mansion and a fleet of new cars would probably end up owing more taxes than shown.)

State:

Iowa

Drawing Date:  Sat, Oct 1, 2016
Jackpot:$70,000,000
Federal Tax:  25%
State Tax:5.00%
Report:Powerball annuity payout schedule (30 annual payments)

YearGross PaymentFederal TaxesState TaxesNet Payment
1$1,053,600$263,400$52,680$737,520
2$1,106,280$276,570$55,314$774,396
3$1,161,594$290,399$58,080$813,116
4$1,219,674$304,919$60,984$853,772
5$1,280,658$320,164$64,033$896,461
6$1,344,691$336,173$67,235$941,284
7$1,411,925$352,981$70,596$988,348
8$1,482,522$370,630$74,126$1,037,765
9$1,556,648$389,162$77,832$1,089,653
10$1,634,480$408,620$81,724$1,144,136
11$1,716,204$429,051$85,810$1,201,343
12$1,802,014$450,504$90,101$1,261,410
13$1,892,115$473,029$94,606$1,324,481
14$1,986,721$496,680$99,336$1,390,705
15$2,086,057$521,514$104,303$1,460,240
16$2,190,360$547,590$109,518$1,533,252
17$2,299,878$574,969$114,994$1,609,914
18$2,414,872$603,718$120,744$1,690,410
19$2,535,615$633,904$126,781$1,774,931
20$2,662,396$665,599$133,120$1,863,677
21$2,795,516$698,879$139,776$1,956,861
22$2,935,291$733,823$146,765$2,054,704
23$3,082,056$770,514$154,103$2,157,439
24$3,236,159$809,040$161,808$2,265,311
25$3,397,967$849,492$169,898$2,378,577
26$3,567,865$891,966$178,393$2,497,506
27$3,746,258$936,565$187,313$2,622,381
28$3,933,571$983,393$196,679$2,753,500
29$4,130,250$1,032,562$206,512$2,891,175
30$4,336,762$1,084,191$216,838$3,035,734
Total$70,000,000$17,500,000$3,500,000$49,000,000
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